Facebook Officially Responds to US Congressional Committee’s Letter to Halt Libra Development

2019-07-04

Libra Coin has been emerged as one of the hottest topics in the crypto industry – not just with positive remarks but definitely, the launch announcement faced a lot of criticisms. Besides every new criticizing remark, Facebook isn’t stepping back from what it committed to bringing to the 1.7 billion unbanked users.

Calibra CEO Responds US Congressional Committee’s Letter

As a response to a recent letter sent by official Congressional committee to halt the development of Libra coin, Facebook wrote a personal note, detailing what it means to them and how they view community & regulator’s view on Libra Coin. On July 3rd, David Marcus, CEO of Calibra Wallet published a note, entitling ‘Libra, 2 weeks in”. In a detail note, Mr.Marcus explained, decentralization queries revolve around Libra, claiming that Libra is definitely not as open as Bitcoin, the mission behind Libra Association, why billions of people cannot access to current financial services and henceforth the emergence of Libra and eventually pinpointing at their plans to engage with regulators and lawmakers.

Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges.

Ready To Talk with Law Makers

Whenever regulator’s note comes in, Facebook often found of adding a positive note “we’re looking forward to discussing’, in fact, it had initially mentioned in its whitepaper – we believe in collaboration with regulators & experts across a variety of industries. In addition, with ongoing criticism by global regulators, including US Congressional committee – Facebook openly responded that they’re ready to talk with the policymakers.

We’re talking about something new, at scale in a very regulated industry, and if this is not done right, it could definitely present systemic risks no one wants, Marcus writes.

Believing that, Marcus states that they’re looking forward to having collaboration with central banks, regulators, lawmakers to ensure that Libra resolves the issues existed in the existing financial system “notably around money laundering, terrorist financing, and more”, the note reads.

Looking at Facebook’s letter, it is noticed that the team is not in a plan to halt Libra development – rather they’re looking forward to continuing to engage with the various communities and stakeholders. Conclusively it added;

In that spirit, I look forward to testifying in Congress in front of both the Senate Banking and House Financial Services Committees in the weeks to come.